14 January 2011

Reinventing our Economic GPS

Sourced from Australian Conservation Foundation, 11 January 2011

Watch Chuck Berger, ACF’s Director of Strategic Ideas, at TEDx Melbourne discussing how to integrate the environment and community into Australia’s key measures of economic progress.

'Most economists talk about the “economy” in terms of Gross Domestic Product, or GDP. But the GDP only includes things produced for financial gain; it ignores all of the value that nature provides to humans free of charge. And it also ignores all of the valuable productive work that humans do for each other outside of the marketplace – such as household work, parenting and volunteering.

What would our economy look like if we included in it all of the valuable contributions of our social and ecological systems? ACF’s new tool “The Whole Economy” will help paint a picture of this broader and more meaningful economy.

In fact, as the following chart illustrates, social production and ecological production are each worth over $1 trillion per year. Isn’t it time economists took this value seriously by including it in Australia’s national accounts?'

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